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US investigates leak of records showing billionaires pay less in taxes


The US tax authorities have launched an investigation into the leak of personal notes of billionaires Warren Buffett, ff Bezos, Mike Bloomberg and Elon Musk, which showed that many of them paid less. floor: even when their wealth bubbled.

ProPublica: published: details of what he called the “huge array of data from the Internal Revenue Service,” which includes the tax returns of thousands of the richest Americans for more than 15 years. The non-profit journalistic investigative point did not reveal the source of the leak.

His report concludes that legal tax evasion strategies have allowed the 25 richest Americans to pay only $ 13.6 billion in federal income taxes by 2018, five years later, even as the rising value of their stocks, assets and other assets inflated their estimated collective wealth. $ 401 billion

Charles Retig, IRS: The commissioner told the Senate Finance Committee that the agency had launched an investigation into the source of the leak. He said he shared “every American’s concern” that classified information had been leaked.

Former New York mayor and presidential candidate Bloomberg has vowed to use “all legal means” to identify the source of the leak. The founder of the financial information group of the same name has pushed back the premise of the article, saying that he “diligently obeys the letter” of the law “, distributes three quarters of his annual income for taxes and charitable purposes.

“The publication of tax returns by a private citizen should raise real privacy concerns, regardless of political affiliation or tax policy views,” he said in a statement. “We intend to use all legal means at our disposal to determine which physical or state body leaked them, to ensure that they are held accountable.”

The outflow is happening because there are some Democrats floor preaching rather than focusing on the total wealth of the richest Americans, rather than focusing on annual income that can be offset by losses on borrowings, loans, and investments.

Massachusetts Sen. Elizabeth Warren passed a law this spring imposing a 2 percent tax on individuals with more than $ 50 million in net worth, with an additional 1 percent surcharge for any wealth over $ 1 billion. President Biden has proposed increases In the case of capital gains tax on dividends of persons earning more than $ 1 million, but did not support the wealth tax.

Warren used a report by ProPublica on Twitter, writing that it showed that it was time for “the super-rich oppressors to finally pay their fair share.”

Maurice Parl, president of a group of wealthy preachers demanding higher taxes for the so-called “big patriotic millionaires,” says the report substantiates the argument that the richest Americans “can largely choose whether or not to pay taxes.”

Wealth taxes and higher taxes on unrealized capital gains, which his group advocated, were “extreme ideas” when launched in 2010, he said, and that moods had changed, and ProPublica’s revelations could have further stimulated Support:

For several years, Bloomberg and Buffett were among the billionaires who demanded higher taxes on wealthy Americans, but the economic controversy over the epidemic raised political interests.

ProPublica said it decided to reveal the details “because the public can only understand the realities of the country’s tax system by seeing the specifics.”

Ron WydeAn Oregon Democrat who chairs the Senate Finance Committee says the ProPublica report found that “the rich people of the country, who made huge profits during the epidemic, did not pay their fair share.”

Notes:

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